Lending growing as confidence returns to economy

Friday 04 April 2014

Future Finance has reported a 40% increase in business over the last trading quarter - which the company says represents a renewed confidence in the market.

Financial results show a significant growth across all business sectors from loans for home improvement, to mortgage financing, to factoring services with increase activity in the purchase of plant and machinery, an indication that the local construction industry is at last showing signs of recovery.

Denny Lane, a director at Future Finance, said: “Confidence is back and much is due to the recent economic results of the UK showing that Britain’s economy will grow faster than any other G7 nation in coming quarters.

“This renewed positive growth is reflected in the Channel Islands and we are seeing a wide range of clients looking to grow, diversify and invest in the future. In the past month, we’ve secured everything from a £10,000 loan for a small digger, to a £500,000 loan for a business acquisition, to a £2 million residential mortgage.

“Our arrears are also lower which basically means people are in a better position to pay. Week in, week out I see a great number of local businesses and it’s refreshing to see such positivity returning. We’re not out of the woods yet but many lessons have been learnt over past years; the fittest have survived and are now ready to look forward.”

Construction firms are not the only businesses making investments. Future Finance also reports investments in IT systems and infrastructure as they have lent more funding to new businesses this year than ever before.

And they have recruited a new mortgage specialist to meet the growth in business from the residential and commercial sectors.